Comments on: Save Our Economy and Force Lenders to Modify Loans http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/ Loan Modification & Home Loan News Sun, 21 Mar 2010 23:02:04 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: lulu http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/#comment-13025 lulu Mon, 16 Mar 2009 19:54:34 +0000 http://loanworkout.org/2007/09/06/save-our-economy-and-force-lenders-to-modify-loans/#comment-13025 Oh and by the way about Gretchen's comment: Moe - you're the moderator of this group you could be a little kinder ;) Gretchen - this is bigger than your admiration for Bush, it's a big portion of the "real world" that you're probably not quite familiar with, that are losing homes either because their ARMs expired, divorce, job loss whatever the case, it's happening in masses, and we're past the stage of pointing the finger, we need to come up with a fix ASAP Oh and by the way about Gretchen’s comment:
Moe – you’re the moderator of this group you could be a little kinder ;)
Gretchen – this is bigger than your admiration for Bush, it’s a big portion of the “real world” that you’re probably not quite familiar with, that are losing homes either because their ARMs expired, divorce, job loss whatever the case, it’s happening in masses, and we’re past the stage of pointing the finger, we need to come up with a fix ASAP

]]> By: lulu http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/#comment-13024 lulu Mon, 16 Mar 2009 19:48:07 +0000 http://loanworkout.org/2007/09/06/save-our-economy-and-force-lenders-to-modify-loans/#comment-13024 Good post! The question is how do we force the lenders to adjust the mortgage even though we clearly qualify! I called them, I used facts, even threatening language stating that I have nothing to lose but a bankruptcy which will end up costing them more money. My monthly payment is $1955, I bought my house @ $250k and now it's worth $100k which turned out to be a bad investment! I read something that later on, when the processes are established, homeowners that qualify but did NOT get any cooperation from the lenders and can prove it, will be able to take the latters to a bankruptcy judge! Good post!
The question is how do we force the lenders to adjust the mortgage even though we clearly qualify!
I called them, I used facts, even threatening language stating that I have nothing to lose but a bankruptcy which will end up costing them more money.
My monthly payment is $1955, I bought my house @ $250k and now it’s worth $100k which turned out to be a bad investment!
I read something that later on, when the processes are established, homeowners that qualify but did NOT get any cooperation from the lenders and can prove it, will be able to take the latters to a bankruptcy judge!

]]> By: LJ http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/#comment-591 LJ Tue, 15 Apr 2008 04:16:50 +0000 http://loanworkout.org/2007/09/06/save-our-economy-and-force-lenders-to-modify-loans/#comment-591 I am sympathetic toward all the homeowners currently facing high interest rate adjustments, or worse, those already in foreclosure. Being in the "business", I find it amazing that the FHA Secure program allows for homeowners who are currently victims of increasing rates and payments but investors across the board aren't helping by requiring homeowners to have a 580 fico, even being delinquent on the mortgage. It's a catch 22.... you can't get into an FHA Secure loan with an extremely low fico, but an extremely low fico is what happens when you are consistently delinquent on your mortgage. Until HUD refuses to insure loans made by banks with fico score requirements, these poor homeowners who are facing foreclosure won't see much relief. A freeze on rate hikes seems like the best option at this point in time. I am sympathetic toward all the homeowners currently facing high interest rate adjustments, or worse, those already in foreclosure. Being in the “business”, I find it amazing that the FHA Secure program allows for homeowners who are currently victims of increasing rates and payments but investors across the board aren’t helping by requiring homeowners to have a 580 fico, even being delinquent on the mortgage. It’s a catch 22…. you can’t get into an FHA Secure loan with an extremely low fico, but an extremely low fico is what happens when you are consistently delinquent on your mortgage. Until HUD refuses to insure loans made by banks with fico score requirements, these poor homeowners who are facing foreclosure won’t see much relief. A freeze on rate hikes seems like the best option at this point in time.

]]> By: Darren Rowse http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/#comment-592 Darren Rowse Fri, 11 Apr 2008 06:31:13 +0000 http://loanworkout.org/2007/09/06/save-our-economy-and-force-lenders-to-modify-loans/#comment-592 I think teenagers shouldn’t be allowed here. They don’t have a clue about life, why are they trying to look smart? I think teenagers shouldn’t be allowed here. They don’t have a clue about life, why are they trying to look smart?

]]> By: sactoeazy http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/#comment-590 sactoeazy Fri, 25 Jan 2008 05:08:00 +0000 http://loanworkout.org/2007/09/06/save-our-economy-and-force-lenders-to-modify-loans/#comment-590 I qualify for a FHA secure, but I've had 2 lates in the last 12 months, my current lender refuses to cash my certified funds I made in december 07 because it sets them up fairly well for my adjustment in feb(hello 90 days till you can stop payment), and I've spoken to 2 FHA approved lenders so far that have yet to close a FHA secure loan. This is either due to servicers not willing to part with the primary loan and still carry secondary loans, low appraisals from the FHA approved people, or plain out not qualifying. There's no FREAKING WAY I'm going to pay 6 months of inflated interest to get shut down in the end... with my savings exhausted and face moving out with my tail between my legs because I tried to keep my place that we could afford when we purchased it, in a market where refi was right around the corner. Makes you wonder who's actually getting any help from this system :-/ I qualify for a FHA secure, but I’ve had 2 lates in the last 12 months, my current lender refuses to cash my certified funds I made in december 07 because it sets them up fairly well for my adjustment in feb(hello 90 days till you can stop payment), and I’ve spoken to 2 FHA approved lenders so far that have yet to close a FHA secure loan. This is either due to servicers not willing to part with the primary loan and still carry secondary loans, low appraisals from the FHA approved people, or plain out not qualifying.

There’s no FREAKING WAY I’m going to pay 6 months of inflated interest to get shut down in the end… with my savings exhausted and face moving out with my tail between my legs because I tried to keep my place that we could afford when we purchased it, in a market where refi was right around the corner.

Makes you wonder who’s actually getting any help from this system :-/

]]> By: Dana http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/#comment-589 Dana Mon, 31 Dec 2007 17:55:06 +0000 http://loanworkout.org/2007/09/06/save-our-economy-and-force-lenders-to-modify-loans/#comment-589 I acutally just found this article and couldn't help but respond.... and I have to say that I agree with you Moe 100%. The product is now out there and the guidelines have been made so strict that NO ONE not even FHA is interested in buying/insuring these loans. FHA has made the process for these loans so involved and tight for the lenders that if just 1 "I" is not dotted or one "T" is not crossed the lenders are looking at a re-purchase. Which, from my stand point is not helping the situation at all. I think this is just another way for the government to "appear" to the "general public" as the good guys However, in reality they are only offering false hope and playing on the ignorance that got these people into their current situation in the first place. I acutally just found this article and couldn’t help but respond…. and I have to say that I agree with you Moe 100%. The product is now out there and the guidelines have been made so strict that NO ONE not even FHA is interested in buying/insuring these loans. FHA has made the process for these loans so involved and tight for the lenders that if just 1 “I” is not dotted or one “T” is not crossed the lenders are looking at a re-purchase. Which, from my stand point is not helping the situation at all. I think this is just another way for the government to “appear” to the “general public” as the good guys However, in reality they are only offering false hope and playing on the ignorance that got these people into their current situation in the first place.

]]> By: spela nätpoker http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/#comment-588 spela nätpoker Mon, 31 Dec 2007 03:41:32 +0000 http://loanworkout.org/2007/09/06/save-our-economy-and-force-lenders-to-modify-loans/#comment-588 <strong>nice article...</strong> nice article... nice article…

nice article…

]]> By: Bulletin News http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/#comment-587 Bulletin News Sun, 16 Dec 2007 19:37:44 +0000 http://loanworkout.org/2007/09/06/save-our-economy-and-force-lenders-to-modify-loans/#comment-587 Marvelous review on oan Workout News. I love this view. Marvelous review on oan Workout News. I love this view.

]]> By: Moe http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/#comment-586 Moe Fri, 14 Dec 2007 18:28:12 +0000 http://loanworkout.org/2007/09/06/save-our-economy-and-force-lenders-to-modify-loans/#comment-586 Gretchen, I tell it like it is. If you interpret that has me seeing the glass as empty, then fine. You know why? Because it is. I wrote this post 2 months ago and the FHA Secure is not being offered by lenders. You know why Gretchen? Becuase no one will buy these mortgages on the secondary market. When there is a win/win situation, I will report on it. For now it is no-win for homeowners. Until you know what's really really going on, save your ill informed comments for yourself. Gretchen,

I tell it like it is. If you interpret that has me seeing the glass as empty, then fine. You know why? Because it is.

I wrote this post 2 months ago and the FHA Secure is not being offered by lenders. You know why Gretchen? Becuase no one will buy these mortgages on the secondary market.

When there is a win/win situation, I will report on it. For now it is no-win for homeowners.

Until you know what’s really really going on, save your ill informed comments for yourself.

]]> By: Gretchen http://loanworkout.org/2007/09/save-our-economy-and-force-lenders-to-modify-loans/#comment-585 Gretchen Fri, 14 Dec 2007 14:21:52 +0000 http://loanworkout.org/2007/09/06/save-our-economy-and-force-lenders-to-modify-loans/#comment-585 With all due respect, Moe, you didn't read the Bush's FHASecure guidelines that apply to the people that you defend below: "But there are tens of thousands of people who are in adjustable rate mortgages that were doing fine until their rates adjusted." No. 1 of the FHASecure guidelines reads: "A history of on-time payments before the borrower's teaser rates expired and loans reset." It appears to me that you hate President Bush on principle, and that there would never be enough that he could do to satisfy you. For you, every step is a no-win proposition. There's no pleasing an "empty glass" kind of guy. With all due respect, Moe, you didn’t read the Bush’s FHASecure guidelines that apply to the people that you defend below:

“But there are tens of thousands of people who are in adjustable rate mortgages that were doing fine until their rates adjusted.”

No. 1 of the FHASecure guidelines reads: “A history of on-time payments before the borrower’s teaser rates expired and loans reset.”

It appears to me that you hate President Bush on principle, and that there would never be enough that he could do to satisfy you. For you, every step is a no-win proposition. There’s no pleasing an “empty glass” kind of guy.

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